Hotstar gets Rs 516 crore from Star US

Hotstar gets Rs 516 crore from Star US

Hotsar's owner Novi Digital media has received an infusion of Rs 516 crore from Star US, and is now valued at Rs 1,849 crore, as per a valuation report. Hotstar has about seven lakh paid subscribers as of July and the fair value of the company as per Duff and Phelps was $265 million. The valuation report for Novi also shows that for FY18, the company's revenues were Rs 571 crore. However, in the quarter ending June alone, the company saw revenues of Rs 569 crore mainly due to advertisement and subscription revenue from the Indian Premier League. Novi saw its losses increase by nearly 20% in FY17 to Rs 489 crore while it reported a 79% increase in revenues in FY17 to Rs 320 crore. Novi is a wholly-owned subsidiary of Star India Pvt Ltd. Hotstar competes with Amazon's Prime video and Netflix.

Read More at The Economic Times News date : 13 Aug 2018, Monday

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